Know Your Group Health Insurance Policies

The better you know your product, the faster you can close a sale.

Most employers know they need group health insurance, but they do not have the time to study the options. They rely on you to inform them about pricing, details and the implementation of a given policy at a business like theirs. If you can’t answer those questions, it’s unlikely that you can make a sale. Many experienced agents already know this, of course. But some agents discover, at their own expense, that knowing their policies “in general” is not sufficient to carry to close a sale. Moreover, if you don’t know your policies intimately, you run the risk of selling someone the wrong group insurance policy.

Most of your potential group-health clients will be employers who want an economical solution that covers their workers adequately with little fuss. The more you understand a company’s expectations of health coverage, the better you can tailor solutions and present offerings to suit their needs.

Do not assume leads will know your job, because they will not. A business does not always leave its members time to explore insurance policy options. Keep them informed. Show them what they need to know. Stay in touch, earn their trust and work to close the sale.

There are lots of competitors out there. If you do not prime and prep your client properly, you may lose the sale to someone else. Remember to ask potential clients for an appointment, so you can show them what they need to know about your group health insurance policies. They’re busy. You’re busy. If you want to make a sale, you need to accommodate their timetables. A sale could be made or broken by not offering to meet them on their ground, on their time.

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How Leads Help Grow and Expand Your Insurance Business

Stop and think a bit about how leads help grow and expand your business. Sure, you could get out there and do some cold calling, but do you have the time and money to deal with the frustration of having people say flat out, “I don’t want to talk to an insurance agent.”

Fine. Those words are actually what prompted the growth of lead-generation companies. Now people can choose to speak with insurance agents, if they want, by simply calling in and asking for information, or filling out an online contact form expressing an interest in getting a call from someone.

Voila. Your lead from a lead-generation company is ready to go, ready to talk to you, ready to listen and more than likely ready to buy once he or she gets the required information. Leads come in real time, prescreened and prequalified, ready to be worked. Who needs cold calling when leads make life easy?

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Group Insurance Leads Can Be Lucrative if Worked Properly

Your group insurance leads can pay off in a big way, provided you work them correctly.

It’s no secret that group insurance leads that convert can be lucrative to your insurance agency. This is why it pays to have a source of viable, interested and prescreened leads. The more quality leads you have, the better your chances of building clientele and generating a nice income.

Remember though, quality leads do not grow on trees and if you want to make money, you need to invest in the right kinds of leads that have a high conversion rate. To ensure you get the best leads, aim for real-time, prequalified, prescreened leads that are ready to purchase. You do not want tire kickers or the curious. You want people with a serious and genuine interest in purchasing group insurance.
If you opt to get exclusive leads in this niche, your chance of converting those leads is relatively high. Understand that they do not just roll over the minute you call them. Selling group insurance is not like shooting fish in a barrel. You must still work for your sales. Know your product. Know where to find the kind of information your potential customers want and need. Offer quality products and superior customer service.

While much of this may sound like a no-brainer, it is important to point out that in this day and age the emphasis is more on the social aspects of selling and service than on the mechanics of a sale. That being said, the whole picture is important to consider. If you know your product, know how to provide good service, and combine those two things into a pleasing and personable approach to sales, your track record becomes phenomenal. Sales are a lot about you, and not always so much about the product alone.

Before you run out to buy your leads, keep your eyes on your target. In other words, are you interested in selling individual health insurance, or interested in selling group health insurance? If you lean towards group insurance, your clients are bound to be employers. This means you need to have an understanding of their point of view; they do not want to bust their budget to offer insurance to their workers. If you know that going in, you have a selling edge by offering the right kind of reasonably priced group insurance options.

Stay on top of your leads, follow up with confidence and make appointments. Ensure that the product you are offering not only suits the workplace but also meets the employer’s budget. If you can meet those expectations and come in with a good quote, chances are you will get the business. Isn’t that what it’s all about?

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Group Insurance Leads May Not Pay Off Immediately

Seasoned insurance agents will be unsurprised to hear that group insurance leads do not always pay off (at least not right away). This isn’t at all unusual. When a prospective buyer is considering a massive investment like group insurance, he or she usually wants to find as much information as possible before making the final decision to buy. Some companies drop group insurance or cut back on what they offer employees when faced with a fluctuating and damaged economy. Such an investment can seem like madness in such a market; who would offer new group insurance to workers if they may have to downsize suddenly or shut their doors for goods?

Agents who wish to pursue group insurance leads with have their best luck with exclusive orders. If you purchase an exclusive lead from a reputable lead generation company, you can “know” you have a good lead: potential buyers are pre-screened, pre-qualified and have actually asked to have an insurance agent contact them. In the current economic climate, it would be impractical to waste valuable time chasing down leads on your own. Exclusive leads have the potential to pay off now or at a later date, and that is an encouraging starting point.

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The Secretariat of Insurance Leads

There are 2 reasons why they post odds at the Racetrack:

  1. To assess the likelihood of each horse winning the race
  2. To determine what your potential winnings could be

Amateur bettors might get lucky by picking a longshot because of its creative name (ex. MyROIguy) or the jockey’s pretty colors or maybe the horse “winked” at them in the paddock. And every now and then, those amateurs get lucky and win the race for those very reasons.

For those who would like to make a more educated wager, there are racing programs. This is where you can read more about a horse’s past racing history,  the trainers or jockey standings.

Watch Secretariat’s Historic Belmont Stakes Race Here.
But enough about horse racing, how exactly does this relate to selling insurance?

If you’re an agent, you would like to know the likelihood that you will be able to close your leads.

Amateur agents might get lucky with a cheap, shared lead every now and then, but is hoping to hit on a longshot the right approach for sustained success.

More experienced agents don’t buy leads because they’re cheap, they’re more focused on their ROI .

If there was a Racing Program for Buying Leads, it might look something like this:

Benepath LeadsCompetition
# of Times SoldOnly 1 Agent4 to 10 Times
Lead GenerationGoogle, BingAffiliates
Incentivized TrafficNoYes
Agent BrandingYesNo
Show Clients QuotesYesNo
Benepath Exclusive Leads4 to 1
Affiliates10 to 1
Shared Leads25 to 1
Incentivized100 to 1

Go with the smart money— Exclusive, search generated leads give you the best odds for long term success.

Group insurance leads are gold, so work them diligently for the best results

Yes, this economy is not the greatest. Even though it appears that we are in recovery mode, there are still thousands of American companies that are rethinking their position on offering group insurance to their workers. So, when you need leads in this area, you want to know that what you get is a solid lead, one that has the potential to convert.

If you deal with, you get solid leads, ones which have been checked out and sent to you to work to close. Despite the tough economy, there are still companies and individuals who want group insurance for the benefits it provides. Don’t give up on the leads you get too soon. Sometimes it may take up to six weeks to make a sale. That is not unusual given the fact that it is a big financial decision.

Use follow up emails, send a personal note to distinguish you from the competition, compile a monthly newsletter chockfull of relevant facts about group insurance and know your products. You can’t lose if you stay on top of things.

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Lead Types

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